General Motors swung to a loss within the fourth quarter on huge charges related to China, but still topped profit and revenue expectations on Wall Street.

Last month GM cautioned that the poor performance of its Chinese joint ventures would force it to write down down assets and take a restructuring charge totaling greater than $5 billion within the fourth quarter.

China has turn into an increasingly difficult marketplace for foreign automakers, with BYD and other domestic firms raising the standard of their vehicles and reducing costs. The country has subsidized its automakers.

For the three months ended Dec. 31, GM lost $2.96 billion, or $1.64 per share. A 12 months earlier the corporate earned $2.1 billion, or $1.59 per share.

Stripping out the costs and other items, GM earned $1.92 per share within the quarter. That topped the $1.85 per share that analysts surveyed by FactSet predicted.

Revenue climbed to $47.7 billion from $42.98 billion, beating Wall Street’s estimate of $44.98 billion.

In a letter to shareholders, CEO Mary Barra said that GM doubled its electric vehicle market share over the course of 2024 because it scaled production. She noted that China had positive equity income within the fourth quarter before restructuring costs and that GM is taking steps with its partner to enhance from there.

Barra acknowledged that there is uncertainty over trade, tax, and environmental regulations in the US and said that GM has been proactive with Congress and the administration of President Donald Trump.